WWC Acquires Apartments in Texas, Arizona, Surpasses $ 4 Billion in Transactions | RENX

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The 250-unit Brixton McKinney apartment houses in McKinney, Texas. (Courtesy of Western Wealth Capital)

Wealth Capital of the West continues to execute its multi-family acquisition pipeline in the United States, purchasing apartment communities in Texas and Arizona this month to boost the value of its transactions since its inception in 2014 (acquisitions and disposals) to -beyond the $ 4 billion mark.

WWC’s current portfolio of assets under management includes 61 multi-family rental properties totaling over 16,000 units, focused on the southern and US Sunbelt markets. The North Vancouver-based company acquired a total of 110 rental properties valued at over $ 2.9 billion during that period.

The most recent acquisition is the 250-unit ReNew McKinney Apartment Homes in McKinney, located between Plano and Frisco, TX. This is WWC’s 29th acquisition in the state.

“McKinney continues to show very promising population growth trends,” said Jay O’Connor, senior director of acquisitions at WWC. “We look forward to starting immediate property improvements and providing improved housing options for residents of ReNew McKinney and positive returns for investors.”

Recent acquisitions of Western Wealth Capital

Built in 1986, the property is renamed Brixton McKinney Apartment Homes. In line with WWC’s strategy to acquire value-added properties in high growth areas and with strong economic indicators, McKinney is considered one of the safest cities to live in the United States, and the region is home to several large employers, including State Farm and Raytheon. .

WWC says the property is a “prime candidate” for amenity and interior upgrades, including new washer and dryer installations.

The site was purchased in partnership with Properties of Narland, another Vancouver-based investment and management firm with which it acquired three other properties.

“We are delighted to partner again with Western Wealth Capital and invest in the company’s proven value-added system to generate favorable returns in the multi-family real estate market,” said Chris Sherry, President of Narland Properties, in the announcement.

The acquisition is the second in November and the fifth in the past three months for WWC, which has added nearly 1,200 rentals to its portfolio during that period.

Two weeks ago, WWC announced its 75th multi-family acquisition in the Phoenix area, where it is the second-largest owner of rental properties. WWC and its investment partners purchased the 184 Cantala Apartment Homes, which were also built in 1986.

Cantala is in Glendale, just northwest of Phoenix and about 30 minutes from downtown. The main employers are Banner University Medical Center to the south and Honeywell Aerospace to the north.

The property will also be subject to WWC’s Value Added Upgrade Program.

“This acquisition further strengthens the company’s strong presence in this market,” said Colin Fernandes, associate director of acquisitions at WWC, in the announcement.

“The completion of $ 4 billion in total transactions since 2014 is testament to the systematic approach to our investments. We look forward to further expansion and entering new markets in 2022. ”

Other recent WWC acquisitions

WWC says its program led to average annualized returns of 30 percent on the 32 properties it acquired, improved and subsequently sold.

Other WWC acquisitions since August include:

– The 265 unit Delano apartment houses in Mesa, east of Phoenix. Built in 1980, Delano offers access to downtown Phoenix and downtown Tempe in under 30 minutes.

– Winters Creek Apartment Homes in Doraville, Georgia. This is WWC’s fifth acquisition in Metro Atlanta and includes 200 units built in 1983. The community sits along the I-85 corridor, a major industrial and warehouse / distribution hub, and at about eight minutes from Atlanta Tech Park with over 100 tech-related desks.

– The Carling on Frankford Apartment Homes in Carrollton, Texas, in the Dallas-Fort Worth area where WWC has acquired 14 other properties. Containing 274 rental units, the property was built in 1983. Western Wealth is planning, among other initiatives, washer / dryer and fenced yard upgrades for the first floor units. “We are seeing an influx of people relocating to the Dallas Fort-Worth area as there are many employment opportunities,” O’Connor said in the announcement of the acquisition.


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